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HomeMy WebLinkAbout2128 ... .., '" ~ , tjO ',...,\,1 ~.. ?J~ ; , ' '- ~ ~ . ' and insurance premiums, as the case may be;: SuchJ(,<ce&i".ll ~ f~ditcd by the mortgagl'e on subSt'<l'lent l'ayments to be made by the mortgagor. If, however, the monthly payments madfo by the mortgagor under (b) of par~aph 2 preceding shall not be sufficient to PAY ground rents, taxes and assessments and insurance fremiums, ae the case may be, when the same shall become due and payable, then the mortgagor 8hal pay to the mortgagee an)' amount necessary to make up the deficiency, on or before the date when payment of such ground rents, taxes, assessments, or insurance premiums shall be due. If at any time the mortiagor 8hall tender to the mortgagee in accordance with the provisions of the notl' secured hereby full payment of the entire indebtedness represenk--d thereby, the mortgagee shall, in com- puting the arn~unt of Buch indebtedne.., credit to the account of the mortgagor a\l paymeots "",,\<. ",,,Ie,. the provisions of (r,) of. p~ragraph 2 hereof which th~ ~lor!-gagee has not become obligated to pay to the F~deral Housing CommiSSioner and any balance remammg m the funds accumulated under the pr\l\"l~IOIlS of (b) of said paragraph 2. If thel'~ shl\ll be a default unde.r any of the provisiol~s of this mortgage, re- sulting in a public sale of the prenllses covered hereby, or if the mortgaKce acqUlr!'s the property otlH'r- wise after default . .le mortgagee shall apply, at the time of the commencement of such prOt'l'edlllgS \lr a~ the time the prope'ny is otherwise acquired, the balance then remaining in the funds accumulated ulld.,r (b) of paragraph 2 preceding 8S a credit against the amount of principal then remaining unpaid ulltkr said note and shall properly adjust any payments which shall have been made under (a) of said paragraph. 4, That he will pay all taxes, assessments, water rates, and other governmental or municipal charges, fines or impositions for which provision has not been made hereinbefore, and in default thereof tht' mort- gag~ may pay the srone; and that he will promptly deliver the official receipts the"efor to the l1:ortgage\'. 5, That he will permit, commit, or suffer no waste, impairment, or deterioration of said property or any part thereof' and in the event of the failure of the mortgagor to keep the buildings on saili preflllS"S and those to be e~ccted on said premises, or improvements thereon, in good repair, the mort!(agt'e may make such repairs as in its disaetion it may deem necessary for the proper preservation theH'of. alld till' full amount of each and every such payment shall be immediately due and payable, and shall oe secured by the lien of this mortgage, 6. That he will pay all and singular the costs, charges, and expenses, including reasonahl(' lawyt'r's fees and costs of abstracts of title, incurred or paid at any time by the mortgagee because of the failun' on the part of the mortgagor promptly and fully to perform the agreements and cov('nlmts of sai{l prOfll- iSliory nota and this mortgage, and said costs, charges, and expenses shall he immediately due and pay- able and shall be secured by the lien of this mortgage, 7. That he will keep the improvements now e:.:isling or hereafter erected on the Illortgaged property, insured as may be required from lime to time by the mortgagee against loss by fire and other hazards, cJ\sualties, and contin~('ncies in such amounts and for such period!\ 8'i may be requirect by mortga~ee, and will pay promptly, when due, any premiums on such insurance for payment of which provision ha~ not been made hereinbefore, All insurance shall be carried in companies approwd by m()rtga~t'e and the policies and renewals thereof shall be held by mortgagee and have attadll'd thereto loss payable clauses in favor of and in form acceptable to the mortgagee. In event of loss he will give immediate notice by mail to mortgagee, and mortgagee may make proof of loss if not made promptly by ll1ortKaRor, and each insurance company concerned is hereby authorized and directed to make p,\yment for such loss directly to mortgagee instead of to mortgagor and mortgagee jointly, anI} till' insurance pro('('eds, or any part thereof, may be applied by mortgagee at its option either to the reduction of the iIHlPbtednpss hereby secured or to the restoration or repair of the property damaged. In event of f'>n'cJosure of thIS mortgage or other transfer of title to the mortgagetl property in extinguishment of the indPl)tcdIH'ss secured hereby, all right, title, and interest of the mortgagor in and to any insurance policies then in force shall pass to the purchaser or grantee. 8, That the mortgagee may, at any time pendir.g a suit upon this mortgage, apply to the cot'rt hav- ing jurisdiction thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises covered hereby all and singular, including all and singular the income, prolit~, issues, and revenue.'\ from whatever source derived, each and every of which, it heing expressly undt'r- stood, is hereby mortgaged as if dpecifically set forth and described in the granting and habendum clau~es hereof, and such receiver shall have all the broad and effective functions and powers in anywise entrusted by a court to a receiver, and such appointment shall be made by such court as an admitted equity and a matt~r of absolute right to said mortgagee, and without reference to thl' adequacy or inad- equacy of the value of the property mortga~ed or to the solvency or insnlwnry of said lI1ort~agor or the defendants, and. that such Cl'nls, profits, income, issues, and revenues sha\l be app\il'd by such n,{"(.i\Tr according to the lien of this mortgage and the prudice of such court. In the event of allY l\tofault ('ll th.. part of the mortgagor hereunder, the mortgagor agree~ to pay to the mortgagee on demand a~ a J't'aS('li- able monthly rental for thc premises an amount at least equivalent to one-twl'lfth (~Il) of thl' aggn'gat.' of the twelve monthly installments payable in the then current year plus the actual amount of the annual taxesl assessments, water rates, and insurance premiums for such year not cO\,{'fed by the ,tfon'~aid montnly payments, ~i. TIlt' mortgagor furtllt'r co,.,'nanL" that should this mortgage alld tIll' not.' ~t'cl1n'd hl'n'hy !lot lw ..liglble for in.,urance UIH\tor the :\ ational Housing Act within I [)\ I"; from till' dat<' h,".",,!" i written statt'nwnt (If any ollic,'r of thl' Ft'lJt.ral Housing Administration or autllOrIz,'d av;..nt of t!i. Ft.(kral Hou~ing ('ommig~lolH'r dated Subsl'qlll'nt to the ~', ,. time from till' dat,- of thiS !I111rtgagl'. l!t.c!ining to insuJ't' ~aid nolt> and this mort~age, being <I,'eI111'd cOllclusi\",. pnlt';" of Slid, ill- t,jlgibility), the mortgagee OJ' the holder of till' nott' may. at iLs option, declan all Slims s"l"lIn.d ht.rd,\ Imnwdialt'ly due al1'\ payahle. . 10, That (a) in the l'\"~'nt .of any bryach of this mortgage or ddault OIl till' part of thl' nw'.tgagor, ('!" I") In tilt' l'\"l'nt that any 01 saId sums 01 monp~. herein J'efl'lTell to lw llot pr"illptly and f\l\!Y paid \\ itl,- "ut demand or noUn', or (t") In th., t'\"l'nt th,.t t'ach and every thl' stipulations. a~TI',.n1l'nt.s, tOndlti..n~. alld co,.enants of said not\' and this nlOrtgage, an' not duly, promptly, and !"ull\. p,'rflll"!lll'd: th.'n in ",ther or any such t'vent,thl' ~aid aggrq~atl' sum 111l'lItioned in said lIott' thpn n'n1alnin~ unp;lId, '''Iti, Intprpst a~'crued to that tInll'"anl.1 alJ ruoneys sf'('un>d hereby, shall 1}{'coll1l' dUt' and payahl.. forth\\.ith, ilr tlll'reattl' I' , at .tlll' option 01 .1,11~1 mortgagel" as fully and ccmpll'tely as if all of tll" said ~\II11S of 111<111'.\ \\.,'J'e on~lIIall:~' stipulated to 1Jt' paId on stich day, anything in said note or in this mort~ag-t' to tl1l' \.lllllral".\ :J()twlthstandl~lg; ,\1~d tl\l'reupon or thereaftel:, at the option of said mortgagel', without niltil"" ,,). dt'l11allti. SUI~ at law or In equity, may he prmH'cuted. as If all moneys secured hereby had maturl'\1 prior to its in:sti- tutlOn.. The I!lortgagee may forecl()~e ,thiS mortgage, as to the amount ~() dt,t:lared dul' alld payahlt-. aIld till' saHI premls,l'S shalll)\' sold to s,~tISI)' and pay the same togcthl'r with costs, I'X]lt'lI~eS, and allo\...al\(....s. In c~se \~f partial. foretloslln' of tLls nlortgage, the mortgaged premises shall Ill' ~old sllbJ!'d to th,. ("<lIl- tl.l\lllng hen I?f thiS mortgagt' for t~r amollI~t of the IIPbt not then due alld unpaid. \11 ~llch rase tllt' prll' VISIOns of thiS paragraph may agalll hp avaIled of thereafter from time to time hy tl1l' m()rt~ag!~'. 11. That the mortgagor will give immediate notice by mail to thl' mortgag-t'1.' of am. ,.on'.t'\"alll"", transfer, or change of ownership of the premises. . 12. That no waiver of any' covenant herein or of the obligation 'Se<:ur('(\ hPrrbv shall at allY tim!' thereafter be held to l>€ a waiver of the terms hereof or of the note secured hprehy. .